Bits, the technology arm of the US bank-backed Financial Services Roundtable, has issued a framework for financial institutions adopting social media and a guide to managing related security risks.
The Bits paper - 'Social Media Risks and Mitigation' - was compiled by a panel of security, technology and communications executives to guide banks as they build out their presence on social platforms like Facebook, Twitter and YouTube.
The paper deals with compliance, information retention, and hiring issues, and with security risks that range from reputation threats to phishing and social engineering exploits.
Recognising that social media issues span legal, compliance, marketing, communications, IT and human resources departments, the paper provides an enterprise-wide view of policies, practices, communications and risk management strategies.
Susan Rivers, vice president of corporate communications for BNY Mellon, says: "We hope the white paper will offer valuable insights for financial services companies that want to use social media to enhance their business competitiveness while also adhering to industry compliance and ethical standards."
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